Deposit Trustee Sample Clauses
The Deposit Trustee clause designates a third party, known as the deposit trustee, to hold and manage funds or assets on behalf of the parties involved in an agreement. Typically, this trustee is responsible for safeguarding deposits until certain conditions are met, such as the completion of contractual obligations or the resolution of a dispute. For example, in a real estate transaction, the deposit trustee might hold the buyer's earnest money until closing. The core practical function of this clause is to provide security and impartiality in handling deposits, thereby reducing the risk of loss or misuse and ensuring that funds are only released when agreed-upon terms are satisfied.
Deposit Trustee. (a) The Deposit Trustee hereby accepts the trusts imposed upon it by this Trust Fund Agreement and agrees to perform said trusts, upon and subject to the following express terms and conditions:
(i) The Deposit Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Trust Fund Agreement and shall exercise such of the rights and powers vested in it by this Trust Fund Agreement and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs; provided, however, the Deposit Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Trust Fund Agreement.
(ii) The Deposit Trustee may execute any of the trusts or powers hereof and perform any of its duties by or through attorneys or agents but shall not be answerable for the misconduct, gross negligence, or negligence of the same if such attorneys or agents have been appointed by the Deposit Trustee with due care, and shall be entitled to act upon the opinion or advice of its counsel concerning all matters of trust hereof and the duties hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents and employees as may reasonably be employed in connection with the trust hereof. The Deposit Trustee may act upon the opinion or advice of any attorney (who may be the attorney or attorneys for IFA) and shall not be responsible for any loss or damage resulting from any action or non-action by it taken or omitted to be taken in good faith in reliance upon such opinion or advice.
(iii) The Deposit Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of the Parties, except as hereinafter set forth. The Deposit Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with this Trust Fund Agreement.
(iv) The Deposit Trustee shall be protected in acting upon any notice, request, consent, certificate, order, affidavit, letter, telegram or other paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons.
(v) As to the existence or non-existence of any fact or as to the...
Deposit Trustee. The Deposit Trustee hereby accepts the trusts imposed upon it by this Revenue Deposit Agreement and agrees to perform said trusts, upon and subject to the following express terms and conditions:
(a) The Deposit Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Revenue Deposit Agreement.
(b) The Deposit Trustee may execute any of the trusts or powers hereof and perform any of its duties by or through attorneys or agents but shall not be answerable for the misconduct, gross negligence, or negligence of the same if such attorneys or agents have been appointed by the Deposit Trustee with due care, and shall be entitled to act upon the opinion or advice of its attorneys concerning all matters of trust hereof and the duties hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents and employees as may reasonably be employed in connection with the trust hereof. The Deposit Trustee may act upon the opinion or advice of any attorney and shall not be responsible for any loss or damage resulting from any action or non-action by it taken or omitted to be taken in good faith in reliance upon such opinion or advice.
(c) The Deposit Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of the parties hereto, except as set forth herein. The Deposit Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made by it in accordance with this Revenue Deposit Agreement.